Ask Dave

The One Ring

Everett is so intent on getting out of debt, he's willing to bring his wife's wedding ring into the matter.

QUESTION: Everett and his wife have $20,000 in debt. She has a huge wedding ring that they bought in their free-spending days. It’s made up of diamonds from her original ring, and they have upgraded since then. It’s worth $30,000 and they make $75,000 a year. Should they try to sell the ring? No, for one reason, according to Dave.

ANSWER: Keep it. Don’t let that get away. The ring is one of a kind, and you can deliver pizzas to pay off the debt, and I’d rather do that than let that ring get away. That’s not something to get rid of. You need to create an income.

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